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(CBS News) Congress has failed to hash out a solution on student loan borrowing, and that means starting Monday, interest rates on government-funded student loans will double from 3.4 percent to 6.8 percent. The jump will affect the seven million people who will take out a loan this year, but will not impact people who already have loans.

The jump is as a result of Congress' inability to agree on a methodology on student loan interest, CBS News contributor and analyst Mellody Hobson explained on "CBS This Morning." She said, "They could come up with some kind of solution that would be retroactive to today, and so, it's not over yet, but the bottom line is there's a big dispute. The Democrats say, 'Let's delay this for one year, keep rates the way they are.' The Republicans say, 'Let's not have rates jump and be out of control, but let's come up with some method that ties the rates to real interest rates.'"